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CLNT > SEC Filings for CLNT > Form 8-K on 3-Mar-2016All Recent SEC Filings




Unregistered Sale of Equity Securities, Change in Direct

Item 3.02. Unregistered Sale of Equity Securities.

On March 1, 2016, the board of directors of Cleantech Solutions International, Inc. (the "Company") ratified one-year agreements with FirsTrust China Ltd. dated as of January 13, 2016 and FCJ Investments, Inc. dated as of January 1, 2016, pursuant to which FirsTrust and FCJ agreed to perform services relating to preparing and implementing new business plans for the Company with the objective of improving the Company's long-term growth, which may include the evaluation of potential strategic relationships for the Company, and authorized the issuance, as consideration for such services, of 400,000 shares of common stock to FirsTrust and 200,000 shares of common stock to FCJ. The Company issued 200,000 shares of common stock to FirsTrust and 100,000 shares of common stock to FCJ on March 3, 2016, and agreed to issue the balance of the shares in July 2016 provided that the agreements are in force on such date. The issuance of the shares to FirsTrust is exempt from registration pursuant to Regulations S of the SEC, and the issuance of the shares to FCJ is exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as a transaction not involving a public offering. No brokerage fee or commission was paid in connection with such stock issuances.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain Officers.

On February 26, 2016, Adam C. Wasserman resigned as the Company's chief financial officer. Mr. Wasserman's resignation did not result from any disagreement with the registrant on any matters relating to the registrant's operations, policies or practices. Mr. Wasserman will continue as a consultant with the Company assisting with the transition to the new chief financial officer and to provide training and other professional services financial services to the Company as needed.

On March 1, 2016, the board of directors appointed Wanfen Xu as its chief financial officer. Ms. Xu, age 35, previously served as the registrant's chief financial officer from March 14, 2012 through December 12, 2012, and from December 2012 until February 2016, she served as the financial controller of Wuxi Huayang Electrical Power Equipment Co., Ltd. ("Electrical") and Wuxi Huayang Dyeing Machinery Co., Ltd. ("Dyeing"), which are variable interest entities whose financial statements are included in the Company's consolidated financial statements. Ms. Xu also served as the financial controller of Electrical and Dyeing from 2009 to 2011. Ms. Xu receives compensation at the annual rate of RMB120,000, which is equivalent to approximately $18,300.

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